MANILA - Robinsons' RL Commercial REIT seeks more opportunities to acquire office assets to further boost dividend yield, its director Lance Gokongwei said.
Robinsons' REIT listed on the stock exchange this month is the country's largest so far in terms of market capitalization, amount of capital raised, total gross leasable area and valuation of initial property portfolio.
To date, RCR REIT has a portfolio of 14 PEZA (Philippine Economic Zone Authority) accredited commercial properties in diverse locations across the country, with a total gross leasable area of 425,315 sqm.
"The RCR REIT has been very well received by the market, the single largest REIT ever in the Philippines, likewise the highest market cap in the Philippines," Gokongwei, who is also the president and CEO of JG Summit, told ABS-CBN News.
"That’s very encouraging and we will continue to find opportunities to acquire more office assets so that this REIT will even be more successful in the future so that it can sustain its dividend yield," Gokongwei added.
REITs allow investors to earn dividends from real estate investments—without having to buy, manage, or finance any properties themselves.
Aside from local and foreign institutional investors, Gokongwei said the offering was "very well supported by small investors."
"We’re totally aligned with them and we would like them to be totally happy with the investment," he added.
Philippine Stock Exchange President Ramon Monzon earlier said the number of Filipinos investing rose during the pandemic.
The Gokongwei Group has also been supporting the Bangko Sentral ng Pilipinas' financial inclusivity and digitalization goals with the upcoming launch of its digital bank GoTyme.
Gokongwei earlier said the bank, set to launch in mid-2022, would assist the BSP in its goal of serving the unbanked.